In a blog and twitter post, the company announced that it will begin to expand its platform to include payments for content creators. Ripple plans to do this via the Xpring platform, its investment branch.
Xpring builds infrastructure and helps innovative blockchain projects grow. By partnering with Coil it hopes to bring the XRP payment system to content creators online. Xpring has provided Coil with a 1 billion XRP loan. This could be a record in terms of largest cryptocurrency tokens provided as a loan.
Ripple’s main goal is to create an instantaneous and frictionless money transaction system. This can be done directly with XRP or indirectly with fiat currencies. By bringing this technology to Coil, the company hopes to minimize the amount of time it takes for content creators to monetize their brand and content.
What is Ripple?
Ripple connects banks and payment providers via RippleNet to provide one frictionless experience for sending and receiving money globally.
What is Xpring?
Pronounced “Spring”, the platform is an initiative of Ripple to fund blockchain technologies. By introducing new technologies to the platform, Xpring allows startups access to funds and loans via XRP.
Xpring and Coil
Coil launched with a mission to make it easier for content creators — like journalists, video creators, podcasters, photographers and artists — to monetize and distribute their content across the web. Coil sends payments via the Interledger Protocol, which allows any currency to be used for sending and receiving.
Q: What platforms does Coil support?
A: Coil includes an extension that works in Google Chrome & Firefox. This allows us to donate to creators websites, their YouTube channels, and Twitch streams.
Q: If I’m using Coil, will I still see ads?
A: It’s up to the creator. Coil isn’t an ad blocker, but creators may disable ads for their viewers who support them via Coil. We expect this will be just one of the ways that creators reward their Coil subscribers, in addition to exclusive/early access to high-quality content.
Q: How is Coil different from something like Patreon or Flattr?
A: Patreon allows you to support a few creators with higher amounts of money. This can be great for your favorite creators, but doesn’t let you support everyone. Flattr distributes your subscription between the sites you browse, and pays out at the end of the month. Coil, on the other hand, pays out a fixed bandwidth per second that goes to the creator instantly. This means the creator can securely distribute paid content to Coil subscribers.
Q: Can I see the statistics on what sites I’ve supported?
A: Not right now. The goal of Coil is to give you a better experience online, so you can support the web without having to worry about the exact amounts being sent.
Q: Do I need an invitation to join Coil?
A: Not anymore. Coil is now in open beta which means that anyone can instantly sign up.
From their blog announcement –
Today, we are announcing that Xpring has partnered with Coil on a 1 billion XRP grant to bring consumers and creators alike onto Coil’s platform. The funds from the grant will be deployed over time to increase the adoption of XRP and ILP through Coil’s platform, providing utility and liquidity to the ecosystem of creators, developers, companies and nonprofits using XRP through the open Web Monetization standard.